Former Vice Minister of Finance Zhu Guangyao: The United States is trying to use stablecoins to start the third stage of the Bretton Woods system

Regarding the impact of digital currencies, especially stablecoins, on the global monetary system, Zhu Guangyao, former Vice Minister of Finance, stated at the 2025 China International Issues Forum "World Order and China's Foreign Strategy in a Period of Turbulence and Change" held on June 26 that the United States is attempting to launch the "third stage" of the Bretton Woods system by promoting stablecoins in order to maintain and consolidate the global dominance of the dollar.
He analyzed that against the backdrop of the current Bretton Woods system (dollar pegged to oil) being unsustainable, the United States is facing enormous pressure from high national debt. To this end, the United States has recently adopted a series of fiscal and financial strategies, including:
Repurchasing national debt: The Ministry of Finance has stepped in to repurchase national debt to alleviate pressure.
Adjusting bank supervision: The Federal Reserve has relaxed regulatory requirements on banks holding U.S. Treasury bonds, releasing a large amount of liquidity.
Revaluing gold reserves: Adjusting the accounting method for gold, potentially releasing huge "book value".
Vigorously promoting stablecoin legislation: The U.S. Senate has passed stablecoin legislation, and officials such as Trump have made it clear that dollar-pegged stablecoins will serve as a "multiplier" of the dollar's strength, expanding the use of the dollar globally while reducing government borrowing costs.
Zhu Guangyao emphasized that this dollar stablecoin will be a "highly centralized" product pegged 1:1 to dollar assets and subject to strict U.S. regulation, rather than a victory for decentralized finance. He called on all countries to pay close attention to this strategic evolution and take strong measures to address its challenges to the global monetary landscape. [Odaily Planet Daily]